Recession to ‘bottom out’ by early 2010

DAVY Research is projecting in its latest economic assessment that the recession will bottom out early in 2010 and that prospects for an economic recovery are beginning to emerge.

Forecasts from the Central Bank predict the economic decline will be of the order of 8.3% in 2009 and that signs of recovery will start to emerge in the second half of 2009.

It is still forecasting negative growth in 2010 of 2.7%, with modest annual growth kicking in for 2011, provided the global economy picks up, the bank said.